First Milk latest financial results show profits holding steady with turnover up nearly 8 per cent.

Key highlights include:

• Group turnover up 7.8 per cent to £272.3m (2018: £252.7m)

• Operating profit for the year stable at 2.6 per cent of turnover

• Net debt down by £3.8m year on year

• Net assets up by £4.4m year on year

• Relative milk price continuing to improve

• First4Milk responsible sourcing programme launched

• Introduction of member premium to reward members for loyalty

Chief executive, Shelagh Hancock, said: “Over the last 12 months we have been focused on further strengthening and developing the business, with stable financial performance, efficient manufacturing, strengthened commercial relationships and, crucially, improved returns to members.

“With a strong platform in place, we are committed to maximising the value we return to our members. We remain clear that prosperity comes from building demand, growing capacity and securing supply – in that order.

"The dairy world is changing fast; economically, socially, technologically and politically. We will continue to be agile and adaptable, broadening our base and collaborating to deliver optimal supply chain solutions that deliver benefit for our members and our customers.”